Numbers Don't Lie, But Are Often Mistaken

Traders who pay to digest market-moving data nanoseconds before the rest of us may want to ask for a refund this month.

On Monday morning, the closely watched manufacturing survey from the Institute for Supply Management looked grim, coming in below expectations at 53.2. Stock prices promptly fell. A half-hour later, a sharp-eyed analyst spotted a possible error. Then, an erroneous media report pegged it at 56, which would have been bullish for stocks. Finally, 2½ hours after the initial release, ISM put the correct figure...